(Yicai Global) Aug. 23 -- Property giant China Overseas Land & Investment Ltd. [HK:00688] (COLI) recorded a net profit of USD2.77 billion (HKD21.65 billion) in the first six months of this year, an increase of 25.2 percent annually.

The company logged operating revenue of USD11.17 billion (HKD87.2 billion) in the first half, a 3.5-percent rise, while its net profit margin was 24.5 percent, significantly higher than those of others in the industry.

First-half contract sales grew 33.7 percent compared with last year to HKD127.32 billion, comprising property of approximately 7.8 million square meters in area, up 30 percent from the same period last year.

Yan Jianguo, COLI's new chair and chief executive, has upped the firm's annual sales target by 10 percent to HKD231 billion from the HKD210 billion one set at the beginning of the year.

The group will deploy projects in innovative areas such as elderly care service, education, and long-term rentals in the future, but is still focused on residential sales for now, Yan said. Residential development and sales contributed 97.8 percent of operating revenue and 78.5 percent of profits.

The company's net debt ratio was 16.1 percent, the lowest in the industry, as of the end of June.